Bahrain ranks fourth in MENA region on economic freedom list

TDT | Manama                                                    

The Daily Tribune – www.newsofbahrain.com

Reported by Zahra Ayaz  

Bahrain has greater economic freedom than its neighbours. This was according to a survey conducted by The Heritage Foundation, a top economic think tank. According to the 2023 Index of Economic Freedom, Bahrain’s economic freedom score is 62.5, making its economy the 68th freest in the 2023 Index.

Its score is 0.5 points better than last year. The Kingdom is ranked fourth among 14 countries in the Middle East and North Africa region, and its overall score is above the regional and world averages.

The country is becoming more open and transparent. It performs quite well in many of the four pillars of economic freedom. Despite the challenging environment, the Kingdom continues to be a financial hub for dynamic economic activity.

Its openness to global commerce is sustained by a competitive and efficient regulatory environment. The overall index is based on ratings in five broad areas, which include: legal structure, government size, and security of property rights; access to sound money, freedom to trade internationally; and regulation of credit, labour and business.

Research shows that individuals living in countries with high levels of economic freedom enjoy higher levels of prosperity, greater individual freedoms, and longer life spans. People enjoy high standards of living.